i have availed a home loan from a bank. now i am paying 11% interest.
my mother has fixed deposit which gets 9% interest.
if i take a loan from my mother and close my housing loan we will save interest of 2% on Rs.20,00,000/=
I am given to understand that i am eligible to deduction of interest paid to my mother up to 1,50,000 p.a.
but my company is refusing to accept even though i produce a certificate from my mother with pan number.
can you guide me as to how to covince my company who believes that interest paid to relatives will not be eligible as housing loan interest. They are also refusing print outs from sites to this effect. Is it possible to get a clarification from income tax dept PRO/Assessing officer in writing?
